Republic of Korea: Sewing Thread Market 2024

Sewing Thread Market Size in Republic of Korea

The South Korean sewing thread market contracted to $X in 2022, reducing by -7.3% against the previous year. Overall, consumption continues to indicate a mild reduction. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Sewing Thread Production in Republic of Korea

In value terms, sewing thread production contracted to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2013 when the production volume increased by 16% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Sewing Thread Exports

Exports from Republic of Korea

In 2022, the amount of sewing thread of man-made filaments or staple fibers exported from South Korea shrank to X tons, reducing by -7.9% on 2021. Overall, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2021 when exports increased by 29%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sewing thread exports fell to $X in 2022. Over the period under review, exports continue to indicate a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 34% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X tons), Guatemala (X tons) and Bangladesh (X tons) were the main destinations of sewing thread exports from South Korea, with a combined 49% share of total exports. Indonesia, China, the Philippines, Nicaragua, Thailand, Mexico, Turkey, Myanmar, the United States and Cambodia lagged somewhat behind, together comprising a further 43%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +21.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sewing thread exported from South Korea were Vietnam ($X), Bangladesh ($X) and Indonesia ($X), with a combined 54% share of total exports. China, Guatemala, the Philippines, the United States, Mexico, Nicaragua, Myanmar, Thailand, Turkey and Cambodia lagged somewhat behind, together comprising a further 36%.

Turkey, with a CAGR of +22.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average sewing thread export price amounted to $X per ton, increasing by 6.3% against the previous year. Overall, the export price recorded a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Thread Imports

Imports into Republic of Korea

In 2022, approx. X tons of sewing thread of man-made filaments or staple fibers were imported into South Korea; with a decrease of -17.2% on the previous year. Over the period under review, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 21%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sewing thread imports shrank to $X in 2022. Overall, imports saw a deep slump. The growth pace was the most rapid in 2013 when imports increased by 12% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest sewing thread supplier to South Korea, with a 56% share of total imports. Moreover, sewing thread imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), threefold. Indonesia (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-2.4% per year) and Indonesia (+6.2% per year).

In value terms, China ($X) constituted the largest supplier of sewing thread of man-made filaments or staple fibers to South Korea, comprising 51% of total imports. The second position in the ranking was taken by Vietnam ($X), with an 11% share of total imports. It was followed by Germany, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+0.6% per year) and Germany (+28.8% per year).

Import Prices by Country

The average sewing thread import price stood at $X per ton in 2022, surging by 16% against the previous year. Over the period under review, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sewing thread import price increased by +101.8% against 2013 indices. The most prominent rate of growth was recorded in 2016 an increase of 43%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :